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tv   Bloomberg Daybreak Australia  Bloomberg  March 26, 2017 6:00pm-7:01pm EDT

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♪ >> oil producers consider extending the output got, others say more time is needed to dream the global glut. blends democrats for the failure of the health care bill. hong kong has made pledges to tackle the growing divisions. davidson hits the road in australia looking for extra investments from the asia-pacific. it is just past 9:00 a.m.
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this monday morning. i am haidi lun. this is daybreak australia. we are in our open from the opening of the first major market. betty, it was not a good week for the president, and investors are starting to doubt how much capacity he has to push policies through. blow in hisirst big first 100 days, just after 6:00 p.m. here in new york. we are looking ahead at the asia-pacific trading day, and you nailed it, the failure to get the health care bill passed, investors now wondering if they will give it hard to tax reform, making economic front and center. could that be a silver lining for investors this week? they will be closely watching what trump will do in coming days. right the middle of this week, we are watching brexit, waiting for prime minister theresa may to trigger article 40 in the
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lisbon treaty to start the proceedings. yeah, quite a risk going into this week, and in the absence of what trump managed to or not achieve puts us back on the fed. you have janet yellen speaking again with a chorus of other fed speakers. take a look at how we are shaping up in asia. new zealand, it is getting down, the -- we see a kiwi dollar at 70.38. last week was bad for the u.s. dollar, the index falling. the dollar giving back, on the custom of giving back all of its gains since the election. futures in australia shaping up broader 36 --
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commodities, that story is interesting when it comes to crude. we had the meeting in kuwait with opec and other oil producers and the committee saying global stockpiles are still high, asking opec for recommendations to roll over the supply and address that issue. you had a bit of a down in brent , but wti is largely unchanged we see declines when it comes to iron ore. a big week when it comes to data coming out of japan, trade uplation and china might end the week. let's keep caught up with first word news with rosalind chin in hong kong. opec and what independent oil producers are considering an extension of output curve, with people saying there is more time needed to trim the global glut. qe should be seen for another six months after the current program ends in june. they were sure the compliance with current restrictions is high. russia,e moment in
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among our corporate's, we are performing with the obligations which they impose on themselves. all of the companies want to show commitment and not stand out among the full group. rosalind: opposition leader alexander has been arrested after a demonstration in moscow. the anti-protection group said it was the biggest russia has seen since 2012. the demonstrations came after reports that the president has amassed a fortune including ts andns, got -- yach lance. inquiry in china will look at the behavior of power companies and contracts for presidential and business customers. the prime minister said the markets do not appear to be operating as effectively as they
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could, finding that they are expected within six months. china will open its financial sector, but there are negotiations on how other nations treat chinese investors. the areas of potential liberalization include banking, insurance, security and payment systems, but he said chinese investors, particularly private investors must be taken better overseas. and this executive said her priority is to address going -- growing political divisions after her victory. she received 67% of the vote from an elite representation of political and business figures, the critics say she is too compliant with china's wishes. she is the first woman to be chief executive. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries, this is
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bloomberg. haidi: all is in now for a look with australia today. we start off in greenland. paul: this cyclone is expected to cross the coast early tuesday morning. if you are not familiar, we have a map for you. you can see this is some distance north of brisbane. right now it is category two, expected to be category four when it crosses the coast. that will give a win speed of 260 kilometers per hour at its core. a very severe cyclone, and when it reaches land, it will be the first since site -- cleveland has had since 2010. there was extensive damage to the non--- the sugar plantations and flooded a number of coal mines. ahead of the cyclone, a writing
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a real operator has halted deliveries. not as severe in wind speed as the other six years ago, but is much larger in size. it is a concern here. haidi: in terms of politics, the prime minister wrapping up a successful and buoyant trip from the chinese premier, now back to domestic focus, things not looking great. paul: we had an encouraging poll a week ago, but it is not good news now, the opposition labor party ahead now. 45%.are trailing on on the primary votes, it is narrow for labor, just one point. where it gets better for the head minister, he seized a -- surged ahead 53. a healthy 12 point lead. that is what my keep malcolm turnbull in his job. they looked at poll numbers to
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stay to the queue against his predecessor. the only was tony abbott's government unpopular, he himself was also unpopular. the prime minister is still retaining the personal popularity. there was also surprising goodng in this poll that support for the proposed cut to the company tax rate, 44% saying that as opposed to 39% opposed. we will see that in parliament this week. and premier league is now arriving or has arrived in new zealand. trade on the agenda, but what else? paul: trade will be on the agenda, new zealand will be the first developed country to strike a first trade agreement china. that is nine years old. that will be updated, new zealand hopes to have 96% of its exports go to china terrorist free by 29 -- terrace free -- tariff free by 2019.
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china connecting to get enough of beef right now, and that was opened in an impressive way to australian exporters last week. we could see something similar in new zealand this week. that is the good news. there will be sticking points to discuss as well, one of them is allegations of steel pumping, the government investigating a claim of steel dumping by china in new zealand era china rejected those allegations. there might be a more terse negotiation on that subject. lot on theainly a agenda. paul allen in sydney. trade is also on top of the agenda, talking about rex it. theresa may will get ready to negotiate brexit. the u.k. officials are talking about that, warning it will come at a serious costs. kathleen hays is here with more. you know, we think it will be a fast process, but this will take
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several years. they have two years to negotiate. but time flies, and there will be a lot of pressure. 27is ironic over the weekend e.u. members joined together. one was not there. that was theresa may. they celebrated the 60th anniversary of the signing of the treaty in rome. and judd -- jean-claude juncker that it is a tragedy. as they leave, they must pay their bill, which is already a contentious issue. he keeps saying, you have to deter others. it cannot be costless. you have got to pay something for this, one of the reasons they will put that ahead of the negotiations. interesting that sweden, they are e.u. affairs and trade commissioner, minister, warned about is the uk's throwing down these big ultimatums, and you mentioned u.k. saying no deal
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will be better than a bad deal, it will backfire. it is damaging the u.k. chance to get a good deal. the e.u. showing surprising unity, and they cannot get the benefit without the cost. what does the u.k. have going for it? we will look at chart 4009. you see a large trade deficit from the u.k. and the e.u.. the are buying lots of goods from e.u. countries that they sell, but that is what makes the deficit so big. buying goods from the e.u., causing a deficit, selling services but not as much . this is another reason why brexit picked up steam. since they are a good customer, that is the leverage they have. john: you mentioned that's betty: you mentioned the bill. it is like 6 million euros? >> that you cable say, what are
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we paying for and why? it is one of the reasons why it will be contentious. di mentioned we will hear from janet yellen. kathleen: he is speaking about banking. i like what you say, unfortunate. [speaking simultaneously] kathleen: it is true, we are. people cuteness up on friday. there was a speech, they said it could be overkill to have three rate hikes this year. bill dudley said the economy can cope just fine. and given the state of the economy, it doesn't need to be preemptive. let me give you another one of our charts to tee off the week, because it looks at spending versus confidence what you see consumer123 is confidence is the turquoise line. it shot up, people got stimulus through, not so much after the
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problems last week with the affordable care act repealed, but spending is losing steam, and the forecast at the far right-hand side only 22%. where does this go for first quarter growth? let's talk about bill deadly, because he said we are aiming for a soft landing, hiking very gradually. the hike is so shallow. he is trying to calm people down. and the bloomberg television alone has three interviews with the fed officials on monday. my colleague michael mckee will sit down with charlie evans. i will be with rosen brand on wednesday and then bullard on friday. a lot of opportunities to take in the issue and get them to tell us what they really think. haidi: we trust you ask the really deep questions. but it is a week where we go back to bread and butter. it is the fed and growth. in asia, we are looking at data
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releases that will give color what futures to decisions look like in this part of the world. kathleen: we have got to start with japan. they have so many different kinds of reports. our bloomberg intelligence team says, we will see more progress on reflation. that would make governor kuroda's day if not year. household spending, industrial production, inflation is important. let's look at 6406. the uppers panel is the national headlines cpi. it is the green, 0.4. the lower panels are important, because that is cpi minus fresh food, but it is mildly turned into positive territory, so far from the target but moving in the right direction. we will see what happens. but china's energy managers index, the focus, will he have enough momentum to keep growth
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going as the first quarter draws to a close, and the bank of thailand, it will likely keep its key rate on hold. they have forces pushing them in both directions. it will be interesting to see how the markets set up for that and what kind of statements after the meeting. haidi: that is right, a big week ahead. we are watching a lot. we will take a look at the follow-up from the failed health care bill next, and what it means for the rest of his policy agenda including tax reform. betty: inside opec, oil prices why, the cartel extends its production cut we have mixed indications from the opec community. this is bloomberg. ♪
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♪ we are counting down to the citi open and a brand-new trading week getting underway. we are seeing a few lackluster
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things when it comes to futures. it is the last sunny day in sydney, looking at pressure when it comes to the japanese markets when they open as well, betty. i'm haidi lun is it me. betty: i am -- in sydney. betty: donald trump blames democrats for the failure of obamacare. he criticized conservatives who oppose the bill because they said it does not go far enough. if you look at the bloomberg 7124 there we#vtb go, the dollar took a dip thenst the g-20 peers after republicans canceled the vote. our reporter has been tracking us.of this for tonight you have got the blame game and appointing the fingers at this point, but that will not
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do investors any good. what about this week? where does the white house pivot to this week? reporter: we should expect the white house to start pushing congress to do a big tax reform bill. this is something president trump and republican leaders have been planning for months, something speaker ryan has been any for years. now they have the opportunity to do it. they run the white house, house of representatives. the health -- failure of the health-care care bill is significant. " ill for -- yet boat ill for -- ill for congress. this is a test. let's see if they can move on and get something done on taxes and put points on the board. betty: but the rules are so fresh. is the relationship between trump and ryan, has it that broken down? and a get together to push this? it is interesting the
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relationship between trump and ryan remains good. they have said only complimentary things about each other. president trump is blaming a fraction of conservatives in the house known as the freedom caucus for being too uncompromising and not allowing the bill. the real problem is speaker ryan has a big challenge on his hands getting those people on board about 30 members of the house who are part of that caucus as well as balancing that with moderates in his conference who don't want to go as far and what legislation very extreme. that is a big problem. we will not see anything this week here at this will take months. it will go into august the fault, it is complicated. the last time congress did anything like it was 1986. that, but what comes next? how quickly is trump going to pivot on tax reform? , he said hell
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would. taxes are going to be the next big thing he looks at. speaker ryan has suggested as much as well, and a man named kevin brady, a congressman, has said that. we should expect that to do that. this is a very tall order,, located task, not happening anytime soon. task, notated happening anytime soon. betty: do you suppose to outline more details about the wall, right? reporter: that is right. he has requested money for it, which is what funds the government, and the government has to approve that in order to prevent the shutdown. or so we will see how much money republicans want to spend on the wall, whether he gets his budget request, and what democrats think. in order to get anything through
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the senate, there is a 60 vote threshold, you need eight to join the 52 republicans. so they will have to decide. it will not be easy. to do it, its want is not necessarily a slamdunk. betty: we have seen the reality check for the trump trying totion, and get both sides together. thank you for joining us with bloomberg news in d.c.. staying in politics, china's joy, the new chief executive in hong kong. his plans for a divided city. this is bloomberg. ♪
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♪ betty: i am betty live in new york. haidi: i am haidi lun in sydney. you are watching daybreak australia. hong kong is to have its first woman chief executive. withon the leadership vote
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a thumping majority. we have been tracking the election. she does not have for does not appear to have the backing of ordinary people. >> that is right, she won the 67%,ion with 100 27 votes, more than double the second closest candidate. he had 31%. but this election was conducted similarly to an electoral college. 1200 people can vote, and they represented elite business and politics. this does not represent the people. she was there former chief executive. butwas relatively popular, in the run-up to the election, the financial secretary was more popular among the general population. that counts little in this vote. being seen as,
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china's increasing involvement, increasing hand in hong kong affairs, not necessarily positive. she complained during the process that it was hurt. it willpopular support, be hard for her, but at least the resulting cash dearth. they reported that china and lamb assupports kerry the hong kong executive after the result came out. this needs to be confirmed by china. a big cash surplus buffeting the economy. how does she approach the louder voices of pro-democracy in hong kong? >> there were pro-democracy protesters outside the station we saw, but she has recognized the divides in society, this is what she said about how she wants to approach it. home iskong our
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suffering from quite a serious divisiveness, and it has accumulated a lot of frustrations. my priority will be to heal the divide and to ease the frustrations and to unite our society to move forward. to me, unity must be built step-by-step on solid ground. it is true with real work and actual results i will respond those two -- to those who support me and garner recognition of those yet to support me. louder than words. promised to listen to a wide range of voices. she wants to help heal the divide. betty: thank you so much, rosalind chin. and next, murder monday, american airlines confirming it is seeking a stake in china.
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looking at strategic takes for both carriers with the ceo. this is bloomberg. ♪
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♪ haidi: it is 9:30 a.m. in sydney, the markets set to open soon, futures looking flat. we may have turmoil involving the u.s., the reflation rally for trump at the moment, but asian setting up for what looks like its best quarter in about half a decade. we are looking to see gains at the start of the trading week. i'm haidi lun in sydney. betty: i am betty liu in new on sunday it is 6:30 evening. you are watching daybreak australia. let's get the first word news with rosalind chin. rosalind: president trump has lashed out at republican leaders for the failure of the bill to
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replace obamacare. it was scrapped on friday after conservatives said it did not go far enough. the initially blamed democrats, but is now talking to members of the theorem caucus members. -- freedom caucus members. for 20% of beef exports and 40% of chicken for china. the health industry has been accused of bribing people. the ministry said chilly -- chile will be in the meeting. the u.k. government says facebook should open up encryption of city security services. they say the man that killed four people in the parliament used the metric service before the attack. told the bbc it is unacceptable that messages cannot be opened. they asked into the executives to the meeting -- internet
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executives to a meeting later that week. this storm will cross the northern part of the state of australia. it is forecast to reach category four when it makes landfall. some residents are told to leave their homes. the forecasters say it is the most significant flood zone since a storm in 2011. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. let's get a look at how markets are faring. we have early trading in new zealand, where we are seeing the upside of 0.3%. the u.s. dollar is declining against other major currencies. we are seeing futures in australia shaping up flat at the weekt, though we had a big when it comes to asians shares
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last week. taking a look broadly across the region, the yen will be in focus a pretty robust week when it comes to the risk with the triggering of exit negotiations the middle of this week. we have the pound trading at 125, the u.s. tenure continuing s&p seeing its worst weekly since before the election. the question is, given the health care bill debacle that played out last week, our treaters -- arbitrators repricing what the trajectory from the fed looks like? let's look at trading in asia. wariness take hold. it started in the u.s., but will that also be in asia? >> i think it will be, the s&p 500, many opening slightly weaker than i saw 15 minutes ago, a half hour ago, down 0.4%,
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which volume is still low, but it is indicative of the feeling. we may see that wash through to the asian benchmarks in trading gets underway. we are obviously through the health care vote now, so paul ryan indicated we are on to tax reform. it is about how investors assess the process we went through to get here and the wariness around will he or won't he be able to get through policy on the kind of policy in the way he wants it, trump, through the houses in the u.s. the yen is still strong. it is down now through 111, the .op 110, 90, that kind of level tough start for record trading this week in asia. betty: you know we are taking a look at the dollar and the u.s. currency, but that seems to be
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backfiring. as haidi just mentioned, we are declining. we had been building up on declines, the latest being the health care fallout. is it just the floor coming out under the dollar? yeah, it would be a braver man than me to call that, but have a look at this chart. it shows you what speculators are doing. as the bullish positions, the dollar long remains high. an interesting comment from the bank of america survey which shows this is the most crowded anyone season their survey on the markets at the moment. and when they started their investors, 32% said it was overvalued, more than any time since 2006. so if we remember those things and look at what is happening as the dollar has been coming up,
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those highs, erasing pretty much all of that rally we saw in the post election of trump in november, we were down kind of 3.8, 3.9, verging on 4% this year. it is a significant move, but it is a tricky place from a technical perspective as well to continue that kind of bearish momentum down. there will be certainly some people wanting to get back in, and on the long-term, plenty of dollar bulls still out, but in the short-term horizons, looking testing now. betty: we will have to find brave souls who will call the dollar when this rally is over. thank you so much, adam in sydney. let's see how the dollar trade affects the u.s. as we open up for the market on monday morning. joining us on set is su keenan. su: there were a number of
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things to look at, we have a big merger to look at, tech stocks, the new launch for samsung, so let's start with what tech stocks are likely to move. let's go to alibaba and tencent, likely to be in the spotlight, because and influential paper said they could capture the past of the simtech market in china, 60% of current levels. at 4924, we can see a big launch from samsung. the galaxy s 8 wednesday midweek, they are keeping close range on the details. if we look at this right here, it is samsung's market versus apple, and you can see it has been raising. there was disappointment with the galaxy note seven. haidi: that is an understatement. we could see the market
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cap start to rise. that is apple's key rival. could anyone not watching this, they are up 20%, and barons said liquidation could bring them another 20% gain again. there are no rumbles in the deal with verizon hopefully my forward. betty: wednesday looks to be a busy day. we have got brexit happening and also the wall proposal is going to be out on wednesday. his president trump likely to be in the news? su: let's talk about economic data that will come out. the president has jumped on that. we will see an increase in the purchases, which likely occurred , and that is a strong note for the economy. vtbthe other hand, going to # 6964, president trump's approval rating -- rating is supporting
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to slide. if you look at that, that is the disapproval rising. each of the red marks is a benchmark during presidency. you have the travel ban, it knocked it down a bit. the meeting with prime minister abe, brexit, the most one of course is the disappointment in his health care that we saw, so the question is the border wall. it is facing obstacles. how will he fund it? there is opposition mounting for his supreme court nominee. the question of whether he can effectuate his policy could ripple through the market. are also looking at a potential big deal when it comes to art -- airlines. it is in talks with american. what do we know? betty: we know tight -- su: we know china airlines, that there is talk taking place. american airlines currently
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looking into increase its presence in china, eyeing a stake in china southern. bloomberg reported american will make a $200 million investment in terms of taking a stake. that would boost their presence at a time when their key rival has already done so. delta has a minority its -- in china eastern. you see there is turbulence, but this is a deal that could likely boost things, put them back in the air. thank you so much. more now on americans plans to buy that stake, american has not confirmed, but china southern filing on sunday they are in strategic talks with the american carrier. robert crandall is the former chairman and ceo of american airlines and has seen a lot happen in the airline industry over the last several decades. always good to have you on the program.
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what do you make of this possible tie up? >> it is like the same thing we did with the european carriers like to decades ago, a decade and a half ago. airlines are networked businesses. to the extent that you can create an alliance between a company like american and china southern, what you do is you widen the scope that is the number of places to which you can go or from which you can come on the network, and that benefits everybody, china southern, american, as you pointed out. there have been first full alliances between the u.s. has chinese characters -- carriers. i don't think there is any data that traffic between the two entries, and therefore within these countries that it will be
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an increase in market. i think it is a great idea. betty: if it is true, if it goes through. we have seen on the politics side, it is full steam ahead, doing business between the two countries. do you think this pairing is a reaction to anything else, or is it simply, this fits together, let's try it out? >> the world is, for every action there is a reaction. the reality is i think what this confirms is all of the big u.s. carriers will be making deals of one kind or another with major airlines all over asia, starting in china. so is it a reaction? i don't know. whoever does it first, the next guy is always a reaction. i think the reality is to be
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established with like the european characters years ago -- carriers years ago. these will grow because of the major network. everyone will come to play, and everyone needs to. coming into this strategy later, china was the last one still available, we had delta taking a stake in china eastern and cap they with air china. this is sort of last-minute. i have been out of the business since 1998, but we would pick them in teams with china southern when i was there. china comingo much away but a matter of i think the chinese carriers making up their minds how they want to play. you are making a deal with cathay pacific, it is hardly the same as making a deal with delta.
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cafe is in hong kong. -- cathay pacific is in hong kong. it is not really a western airline. lot of issues.a thank you so much. bob crandall, former ceo of american airlines with us on the line. oil producers talking about output curbs being expended in, we will have talks had potential market implications. this is bloomberg. ♪
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♪ betty: good morning, i am betty liu in new york. haidi: i am haidi lun in sydney. you are watching daybreak australia. independent oil producers and opec members are looking at extending the draining of the blood. -- glut. there are conversations with
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kuwait, saying it should be another six months after the current program concludes in june. looking at the situation now, here on set. it is a given that they need to extend. >> absolutely, the markets call for it, and there is in patients when we continue to see building inventory and growing u.s. output putting pressure on that market, not getting i suppose the high-frequency data like the rest of the globe. the opec under -- production cuts are supposed to do the bulk of the heavy lifting. i think basically the markets have painted themselves into a corner. they are talking about looking to appease the financial side of and there is clear request from that side that they want to see production cuts extended. haidi: you saw the demand side theing pretty buoyant, but issue that whatever they do,
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shale will undermine. >> we do see a limit on it. certainly the growth in u.s. shale has been dominated by some terme low cost, quite buoyancy basins, like permian basin. i suppose that being extended to the rest of the industry, there is a question mark over, and we are expecting to see production cuts, costs start to rise again as evidence of that image. while we are seeing drilling increase, most of that has been based upon sentiment and the output that producers expect to see in the second half of the year. they will certainly see pressures over the medium-term whether they can sustain that. betty: speaking about undermining, not just the u.s. but russia which keeps producing more and more oil. i want to show viewers of the
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only line they need to pay attention to on this chart, the g #btv 7406 chart, the white line, which shows you russia crude oil output. that line almost just really within the last six months or so has been a straight line up. how much is that going to change the effect of the opec cuts? >> it is undermining it to a degree, that is where the market is getting concerned. certainly the data, they have followed broadly along the lines of the production agreement, but you have to i suppose separate what they say and do, and certainly as you can he in the chart, the pressure is still on -- you can see in the chart, the pressure is on the upside. we focused on those numbers out of that country to see where that compliance level is
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remarkable -- is to a more optimal level. betty: is compliance pretty comfortable? >> there is a broad level of positivity. the last couple of weeks we have seen i suppose some cracks around that are in the noncommercial positioning is , in the oillong market. but certainly i suppose the physical side is not seeing that weakness or at least the inventories start of fall and the tightness moved. there is definitely fragility. of theore evidence tightening, the markets will not get to kerley bullish. betty: thank you so -- particularly bullish. thank you so much, results on the opec meeting. we have big guests later on today. we are joined by the former atlanta fed president dennis lockhart at 10:30 a.m..
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that will be at 1:40 p.m., lots of bed this week, heidi. -- fed this week. haidi: and we have the asia ceo to join us before that. from the credit suisse conference. up, this is anng interesting deal, harley it in the road, looking for investors in the asia-pacific. we are going to see why the legendary company could serve harley riders. [laughter] haidi: a deal outside the u.s. this is bloomberg. ♪
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♪ haidi: i am haidi lun in sydney. betty: i am betty liu, you are watching daybreak australia. harley davidson is hitting the
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road across the asia-pacific, investors get appetites. corporate finance reporter ruth is here. why is this deal so significant for harley? why are they coming out here in asia? >> it is a big deal for harley because it is the first time this 114-year-old all-american company is venturing out of the u.s. to test the markets. they have chosen singapore and australia, not europe, and assertive underscores the asian debt markets. betty: why are they wanting to look outside the u.s.? >> it is investment and great companies, always great to diversify, and at a time when there are record lows, it is time to look at places where there is a lot of demand for
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good corporate debt. in asia, there is demand for it. haidi: talk about the timing, because it is significant. >> this deal comes at eight interesting time. president trump obviously rewarding companies, american companies that choose to stay on short, but at the same time, harley is looking to venture out to debt markets outside for the first time ever. in that sense, definitely interesting, and it shows the importance of asian debt markets to the corporate world. haidi: looking at their appetite and responding. thank you so much for that, our corporate finance reporter with that story on harley davidson tapping into asia. that is almost yet for daybreak australia, but yvonne and betty are up next with daybreak asia. let's take a look at what is coming up. we have an interesting few words coming through from the pboc on
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opening up, but it does not sound like it will be a one-way street. absolutely, there was a caveat. china is ready to further open its financial chapter, but it depends on how other nations treat chinese investors and how the treatment year overseas in how things will look in the future. there are talks with europe, japan and other aussie on nations -- asean nations. how china can push through these will be key for investors. and this is all amid the backdrop of chinese premier in australia last week. he is now in new zealand with trade at the top of the agenda on this trip. we will be seeing the bank, we will talk to her about how china will step up in this world where
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we have seen more and more protectionist policies coming out of trump. a lot of questions given the health care fallout, will he be able to be strong about this as he was a few weeks ago ? betty: that is -- haidi: that is what his main for the progress rally. we will be speaking a little bit about that, prospects for growth. someone joining us at 10 past 8:00 hong kong time. and we are up the first time in 2011, the earnings season in japan, asia has picked off with upgrading earnings estimates, so it is not all bad. you take a look at what that means for equities, maybe this can be sustained, the emerging market rally we have seen over the past few weeks or so. that is coming up on daybreak australia through the opening here in sydney is coming up. we are seeing risk aversion at
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the start of this trading week. s&p futures taking a dive close to 0.9%. we are getting all of the action
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♪ >> oil producers consider extending the output cut commencing more time is needed to drain the global inventory glut. about openingsks in the chinese economy, but there is a caveat. lashing out trump at senior republicans, blaming them for the failure of the health-care care bill. what is next? >> hong kong's next leader plans to tackle the cities growing divisions. she


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